IL&P confirms €1bn bond issue

Irish Life & Permanent has confirmed that it has successfully raised €1 billion in term funding through a new bond issue.

The bond — which will mature in September 2010 and which is therefore covered under the terms of the Irish Government guarantee scheme — was supported by 30 investors from Europe & US.

According to Peter Fitzpatrick, group finance director, the bond was priced at 175 bps above mid-swap levels, which compares favourably to prices being quoted for similar debt in the secondary markets in recent weeks.